Epain Homes

Real estate, now more than ever is making headlines almost daily. We live in a real estate city and one where many have their financial future or retirement plans intertwined with the equity in their homes. Below are some recent headlines about Vancouver’s housing market. Confusing as ever, we have a positive housing story one day, followed by a gloomy one the next. When in doubt, look at the stats and decide for your self where our market is headed.

West Vancouver appears to be steering in the direction of increasing densification. This issue has been met with strong opposition. I think adding more townhomes ect. is a very good idea, carriage houses and secondary suites included.

Here are a few recent articles:

Gregor Robertson Vows to end homelessness.
That’s quite the bold statement. Let’s see what happens.

Bank pulls funding on luxury condo project

Housing slump deepens as prices drop most in 26 years

Canadian housing sales plunge as crisis deepens

Metro Vancouvers housing market will bounce back

City’s secret deal continues to raise important questions

Homeowners’ new reality: You’re suddenly poorer

What’s it like to sell real estate in this market?

Well, it’s pretty much what you would expect… CRAPPY! Lol. Current clients excluded, I find many of the CMA’s I have presented recently have been rejected from sellers that can’t accept our new market environment. Many want to sit and wait until the “market comes back”. When will that be? That’s a very good question but one without an answer. Timing the market is a real gamble and even with a realistic price you need some luck to get sold.

I did a quick check to see where sales are trending this month. By my count, if the trend holds or worsens sales will be down by more than 70% compared with last November. If inventory stays at todays level, by month end we will have 24 MOI. This hardly points to a mild correction.